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AIG have launched a unique take on Critical Illness Cover that is cheaper than the standard contracts on the market. The product is in its infancy and it is going to be interesting to see how AIG's competitors react to it.

What is Key3 Critical Illness Cover?

Key3 is just a simple form of your standard Critical Illness policy (CIC). Critical Illness plans typically cover you in the event that you are diagnosed with a serious condition listed within the policy claims set; this is usually a minimum 40 core illnesses with many insurers offering additional partial claim payments too.

Key3 differs in that the policy should be cheaper than a typical Critical Illness policy because it only covers you for claims related to cancer, heart attacks and strokes. These three core conditions are those that account for around 80% of all Critical Illness claims paid by AIG in 2015*.

Why choose Key3?

  • Cheaper than standard Critical Illness Cover
  • You will receive the policy benefit if you are diagnosed with:
    • Cancer - excluding less advanced cases
    • Heart attack - of specified severity
    • Stroke - of specified severity
  • Access to Best Doctors medical services for you, your partner and children
  • Claims Support Fund of up to £300 to cover certain expenses caused by your condition

Things to remember

  • You are only covered for three core conditions
  • There are no partial payments for less severe illnesses
  • As with any standalone Critical Illness plan you must survive the diagnosis of your condition by 14 days in order to place a claim on the policy (unless you include life cover).

How much does it cost?

It really depends upon the amount of cover that you want to put in place. A 30 year old non-smoker could find the following monthly premiums for AIG Key3 cover over 30 years**:

Benefit Key 3 Critical Illness Only Key 3 Life and Critical Illness AIG Full Life and Critical Illness
£100,000 £20.85 £22.63 £30.10
£150,000 £30.02 £32.70 £43.90
£200,000 £38.90 £42.49 £57.14

It is important to consider the additional options that are presented in the table above. If you choose to integrate Life and Critical Illness Cover together you gain the advantage that the policy will pay a claim if you die. This removes the negative of the Critical Illness Cover 14 day survival period requirements.

Another thing that you should think about is what has made you consider Critical Illness Cover. Is it worry that you may have cancer, a heart attack of stroke? Or are you also concerned about deafness, Parkinsons disease, Alzheimers disease, Multiple Sclerosis? The Key3 product covers you for three conditions and that is it. The standard AIG Critical Illness policy provides full claims against 41 serious conditions, 11 partial payments for lesser severity illnesses and 7 childrens conditions. In the top example of £100,000 benefit for less than £10 more per month, you could protect yourself and your family against much more.

You should make the decision as to which type of Critical Illness policy suits you based upon your individual circumstances and concerns. We are able to help you establish which of these products matches your requirements and help you determine the level of cover that you need.

Please feel free to speak with one of our advisers for a no obligation quotation on 0800 567 7450.

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